Term insurance plan safeguards your family against the policyholder’s unfortunate death, who is also the family’s sole bread earner. Generally, when you buy a term insurance plan you would have to provide the insurance companies with proper documents and information. While providing information the insurance company would also ascertain your health status. Let’s check out what medical tests that are required before availing a term insurance plan.
Medical tests may not be compulsory when you buy a term insurance plan at a younger age, but it is always advisable to get one done as your premium depends on your health status. If you suffer from any health ailments and if it is hidden while purchasing the Term insurance plan, it can lead to rejection of claim in the future.
Thus having a medical test before finalising your Term insurance is a wise idea. At times the insurance company provides you with the list of medical tests that needs to be done along with the test centres. Though the tests vary according to each individual, the family’s medical history is taken into account before finalising on the medical tests. As a general rule, the policyholder’s BMI (body mass index) is checked to understand if the insured is prone to any health risks. Other medical tests involve blood tests and urine tests of the individual.
Your smoker or non-smoker status is confirmed with the cotinine levels in your urine test. Your cotinine level should also fall within the acceptable range to avail term insurance plan. Here are the different test profiles that your blood test will include:
- Complete blood count
- Fasting plasma glucose
- Differential count
- Bio
- Hemoglobin
You may be asked to do additional tests if there is a history of Sexually Transmitted Disease in your family.
These tests are also important if you want a customised term plan for yourself. However falling for those plans which claim to have a term plan without any health check ups come with several risks. Here is why medical tests are important before purchasing a term plan.
Reducing the Probability of claim rejection:
If you are not taking any medical tests you would have to sign a declaration that you do not have any health ailments. Hiding any health condition can eventually lead to rejection of claim, making it important to have a medical test before taking a term plan.
Paying less premium:
If you have taken a medical test and have cleared all tests successfully, you will eventually pay less premium. For instance two individuals, one having no sugar and another diagnosed with borderline sugar, former will pay lesser compared to the latter one. If both do not take medical tests, both will be paying the same premium.
More risk coverage:
If you take medical tests, you can get a higher risk coverage as compared to going for plans that require no medical tests.
Therefore there is no escaping from medical tests if you wish to have a term plan. It is also imperative to inform about any health ailments so that your family does not face any rejection in claim in the future.